OKEx exchange launches DeFi hub and NFT Marketplace

Fri 03 Sep 2021 ▪ 13h00 ▪ 3 min read — by Mary Anderson

OKEx crypto exchange has developed a DeFi hub in order to attract new users by the expanded scope of the provided services. What’s more, the platform is also introducing an NFT marketplace. 

On 2nd September, OKEx announced its DeFi hub along with the NFT marketplace. The marketplace will allow users to create their own NFTs and sell them online after paying a nominal royalty fee. More developments are yet to come: so far, tokens can only be issued on the OEC and Ethereum blockchains, but not for long, the developers promise. Token sales take place either at a fixed price or in an auction format.

Decentralised crypto ecosystem 

The new DeFi hub (or rather, a DeFi tools dashboard) supports several blockchains, wallets and assets: OEC, Ethereum, and 24 DeFi protocols, including Uniswap, Yearn, Compound, Maker, Aave and SushiSwap.

With the launch of its DeFi hub, OKEx also enters the arena of non-fungible tokens, launching an independent NFT marketplace. It provides its users with the unique possibility to buy, sell, exchange or issue tokens. The creators, though, should mind that a nominal royalty fee will be charged.

Соіnspeaker.соm reports that OKEx will allow users to import their NFTs from other supported trading platforms and sell them. The exchange also confirmed that, unlike the Ethereum network, it won’t charge commissions for selling or buying NFTs.

The growing popularity of NFTs

Offering a comprehensive concept of sole ownership, NFTs bear immense profits. Supported all over the world by many prominent figures, they have become part and parcel of the ever-expanding cryptosphere.

The director of OKEx, Lennix Lai, said that the exchange is striving to popularise NFT and is pleased to announce the launch of its DeFi dashboard. Lai further commented that this panel was very much needed to improve “user’s visualisations of their cryptocurrency portfolios.” Users can visually track their assets, regardless of whether they are stored in tokens, liquidity pools or in the form of NFTs.

With the expansion of crypto and NFT networks, trading platforms have developed and become popular income channels for many enterprises. Since NFTs are based on the concept of sole ownership, their value is determined by the creators, allowing them to make deals worth millions of dollars. Therefore, now we are witnessing the purchase of seemingly modest works for unprecedentedly high rewards. Read more in our NFT column!

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Mary Anderson

I am sure that crypto assets are a new type of economy. We are at the origins of the crypto revolution. Right now, it is worth studying what cryptocurrencies and the blockchain are in order to make the most of this knowledge and these skills in the future.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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